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A contract is any legally-enforceable promise or set of promises made between parties. In the civil law, contracts are considered to be part of the general law of obligations. This article describes the law relating to contracts in common law jurisdictions.

Comparison of contract and tort law

The law of obligations has traditionally been divided into contractual obligations, which are voluntarily undertaken and owed to a specific person or persons, and obligations in tort which are based on the wrongful infliction of harm to certain protected interests, primarily imposed by the law, and typically owed to a wider class of persons. Recently it has been accepted that there is a third category, restitutionary obligations, based on the unjust enrichment of the defendant at the plaintiff’s expense. Contractual liability, reflecting the constitutive function of contract, is generally for failing to make things better (by not rendering the expected performance), liability in tort is generally for action (as opposed to omission) making things worse, and liability in restitution is for unjustly taking or retaining the benefit of the plaintiff’s money or work [Beatson (1998) Anson’s Law of Contract, 27th ed. (Oxford: OUP), pg. 21].
(this article compliments of Wikipedia)

Contracts Law Resources

An overview of Contracts Law - Cornell Law School

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Contracts News

Clean Energy posts loss on hedge contracts (AP via Yahoo! Finance)
Clean Energy Fuels Corp. posted a loss for the first quarter because contracts the gas provider bought to lock in prices lost a lot of value, the company said Thursday.

PNM Resources to Issue Shares to Complete Settlement of Equity-Linked Units Purchase Contracts (Centre Daily Times)
PNM Resources (NYSE: PNM) will issue 9,403,412 shares of its common stock on May 16 to settle purchase contracts associated with its previously issued equity-linked units. PNM Resources will issue 1.9016 shares of its common stock per purchase contract upon settlement.

May 15 - Rob Andrew set for crunch talks over 'unfair' contracts (Evening Standard)
DAILY TELEGRAPH: The Rugby Football Union's controversial proposal to introduce performance related contracts for England's leading players was last night branded "unfair".

Malaysia Coastal Contracts says order book at $369bln (Reuters via Yahoo! Philippines News)
KUALA LUMPUR, May 15 - Malaysian shipbuilder Coastal Contracts said on Thursday its outstanding vessel order book stands at a 1.2 billion ringgit ($369 million), with deliveries stretching into 2010.

Public Service Commission weighs long-term energy contracts (Baltimore Examiner)
Long-term contracts with utilities for electricity and new energy generation might be the key to avoiding traumatic price jumps such as the 72 percent rate increase of two years ago, the state's Public Service Commission believes.


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